Petrofac sets new sustainability targets

UAE-based Petrofac announced important environmental targets to advance its broader sustainability agenda as it looks to reach Net Zero emissions by 2030.

In a statement, Petrofac stated that sustainability is at the core of its strategy and critical to creating long-term value for all stakeholders.

Group Chief Executive Ayman Asfari said: “Our vision is to be the preferred services partner to the energy industry, trusted to deliver to high quality and standards. Our sustainability agenda is key to this aspiration and the environmental and diversity targets we are announcing today represent a significant step forward.

“Our Net Zero target supports the principles of the Paris Agreement, the UK government’s Net Zero goal, and is aligned with our clients’ own ambitions as the sector moves to a net zero future. Our gender diversity target will help develop more women leaders for Petrofac and our industry, and builds on our work of increasing female representation at both Board and junior levels.

“Sustainability is at the core of our strategy, underpinning best-in-class delivery, future growth and enhanced returns. It allows us to help clients decarbonise their activities as well as our own; promote safe, local delivery and ethical value chains underpinned by rigorous compliance and governance; and build a diverse workforce that helps address the sector’s skills gap.”  

Net Zero

Petrofac aims to reduce its Scope 1 and 2 emissions to Net Zero by 2030, and work to influence its supply chain to set its reduction targets. The company’s Net Zero Strategy of ‘Reduce, Transform, Enable’ will focus the business on three areas:

Reduce - cut emissions by implementing energy efficiencies and low carbon strategies on sites and operations, optimising our operations and methods of construction and advancing flare and venting reduction and carbon abatement plans.

Transform - adopt new technologies such as phasing in hybrid and electric vehicles on site, decarbonising our heating and cooling systems by switching to renewable electricity where available and fitting smart building technology in our offices to maximise energy efficiency.

Enable - support our clients, partners and suppliers in their lower carbon ambitions, enable flexible and agile working practices, continue to embed emission reductions targets in management scorecards and incentivise our staff to be advocates for Net Zero.

Finally,  Petrofac stated that on a divisional level, the company expects its Engineering & Production Services to reduce its Scope 1 and 2 emissions to Net Zero  by 2025, while Engineering & Construction and Integrated Energy Services will achieve the same by 2030.